Despite the approaching Spring Festival and a seasonal slowdown in trading activity, Russian pollock (H&G) prices have not followed the typical year-end decline. Instead, raw material prices remain at historically high levels, providing sustained upward support to downstream pollock fillet markets.
Market feedback from across the supply chain suggests that the current firmness in pollock H&G prices is now being fully transmitted to both single-frozen and double-frozen fillet products.
Raw Material Prices Remain Firm Across Major Fishing Areas
Mainstream transaction prices for pollock H&G remain stable at elevated levels:
- Bering Sea (25+ H&G): USD 1,700–1,720/ton
- Sea of Okhotsk (25+ H&G): Around USD 1,650/ton
These levels are broadly in line with the high range seen in November–December 2025 and are notably above what the market had previously expected for the traditional seasonal softening period.
Industry sources note that Russian fishing fleets have had limited H&G production capacity during January and February. As a result, some vessels shifted output toward fillets, surimi, or herring, tightening H&G availability.
At the same time, pre–Spring Festival inventory replenishment by Chinese buyers provided tangible price support, preventing any meaningful pullback.
Chinese Demand Limits Price Differentiation
From a demand perspective, the Chinese market continues to show strong acceptance of pollock raw materials.
Although there is theoretical room for price differentiation between EU-certified and non-EU-certified H&G products, actual transactions have shown minimal discounts. In some cases, prices for non-EU material even exceeded mainstream levels.
Market participants report that post-holiday production planning is driving “passive restocking” behavior. Buyers are prioritizing securing supply over waiting for potential price declines, further reinforcing price stability.
Single-Frozen Pollock Fillet Prices Move Higher
Against this backdrop, prices for individually frozen PBO pollock fillets have shown a clear upward trend.
- Prices for Russian and U.S. origin single-frozen fillets have continued to rise
- Some transactions have already exceeded early January price levels
Because Russian pollock entering the EU is subject to a 13.7% tariff, post-tariff costs are generally higher than comparable U.S. products. This cost gap has further lifted the overall price center for single-frozen fillets in the EU market.
Re-Frozen Fillet Prices in China Face Repricing Pressure
Re-frozen Alaska pollock fillet prices in China are also under increasing upward pressure.
Processors estimate that at current H&G cost levels, maintaining existing fillet prices makes it difficult to cover:
- Raw material costs
- Processing expenses
- Logistics and financing costs
As a result, many industry insiders expect a new round of price adjustments for re-frozen fillets in the near term, with the most likely window occurring around the Spring Festival.
Market Outlook: High Raw Material Costs Redefine Competition
Overall, Alaska pollock H&G prices have remained high even during the traditional seasonal price-decline window, making raw material cost the key variable in the current whitefish market.
Given the constrained supply structure and elevated cost base, it is unlikely that prices for either single-frozen or re-frozen pollock fillets will see a meaningful downward shift in the short term.
Market competition is increasingly moving away from the question of “whether prices should rise” toward “how much further prices can go.”
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